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A question or two.
oldtractor
Posts: 2,262 Forumite
If a persons business is a limited company and the bank forecloses what happens to the persons house and other assets? Also , f that business owes tax including VAT is the buisness owner liable for those taxes?
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Comments
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Hi,
A Ltd Company is a seperate legal entity. So long as the Director(S) have not given any personal guarentees or acted wrongfully then the directors personal assets are safe.
So providing as above, a personally owned house would be safe and the tax man would be a creditor of the Ltd company like any other, with no special treatment.
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